Home Current Washington’s Huawei reprieve triggers relief rally in bruised EU chip stocks

Washington’s Huawei reprieve triggers relief rally in bruised EU chip stocks

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Washington's Huawei reprieve triggers relief rally in bruised EU chip stocksShares in European semiconductor companies, one of the most sensitive sectors to the global trade tensions, recovered from their worst day in 4-1/2 months on Tuesday after the White House backtracked overnight on tough limits on China’s Huawei. AMS, STMicroelectronics and Germany’s Infineon shot higher – between 2-5.6% – in early deals after Washington temporarily eased trade limits on China’s Huawei Technologies, in a move aimed at minimizing disruption for its customers. The technology index was up 1% at 0741 GMT, recovering some of the 2.8% lost on Monday as investors shunned the sector amid worries that Huawei suppliers would lose business or have to sever ties with the world’s No. 2 smartphone company due to tough U.S. restrictions imposed last week.